FFB Bancorp Announces Stock Repurchase Program
FFB Bancorp announced a stock repurchase program authorized by its Board of Directors to buy back up to $7.5 million of its common stock, roughly 5.4% of its shareholders' equity as of March 31, 2024.
The repurchases can be made through October 25, 2024, via open market purchases, privately negotiated transactions, or a trading plan under SEC Rule 10b5-1.
The timing, manner, price, and amount of repurchases will be determined by the Company based on stock performance, market conditions, and regulatory requirements.
Management believes this plan offers capital management opportunities but is not obligated to repurchase any shares and may alter the plan at any time.
- Repurchase plan authorized up to $7.5 million, indicating potential shareholder value enhancement.
- Repurchase represents 5.4% of total shareholders' equity, showing a significant commitment.
- Management's belief that the plan offers capital management opportunities.
- Utilization of SEC Rule 10b5-1 trading plan allows repurchases during blackout periods.
- Repurchase plan is contingent on various factors including stock performance and market conditions.
- The company is not obligated to buy back any shares, introducing uncertainty.
- Plan can be discontinued, suspended, or restarted at any time, which may cause instability.
FRESNO, Calif., May 22, 2024 (GLOBE NEWSWIRE) -- FFB Bancorp (the “Company”) (OTCQX: FFBB), the parent company of FFB Bank (the “Bank”), today announced that its Board of Directors (the “Board”) has authorized a plan to utilize up to
Under the terms of the repurchase plan, the Company may repurchase shares of the Company's common stock from time to time, through October 25, 2024, in open market purchases or privately negotiated transactions. Repurchases under the plan may also be made pursuant to a trading plan under Securities and Exchange Commission Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing, manner, price and exact amount of any repurchases by the Company will be determined at the Company’s discretion and depend on various factors including, the performance of the Company's stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds and other relevant factors.
The Company’s management believes the repurchase plan, depending upon market and business conditions, may, among other things, provide capital management opportunities for the Company. The Company is not obligated to repurchase any such shares under the repurchase plan. Through October 25, 2024, the repurchase plan may be discontinued, suspended or restarted at any time.
About FFB Bancorp
FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California’s Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank’s awards and accomplishments, it was ranked #4 on American Banker’s list of the Top 200 Publicly Traded Banks under
Forward Looking Statements
This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the Federal Reserve to try and control inflation; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Member FDIC
| Contact: | Steve Miller - President & CEO |
| Bhavneet Gill – EVP & CFO | |
| (559) 439-0200 |
FAQ
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What is the total amount authorized for the stock repurchase program by FFB Bancorp?
How much of FFB Bancorp's shareholders' equity does the repurchase represent?
Until when can FFB Bancorp repurchase shares under the new plan?
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Is FFB Bancorp obligated to repurchase shares under the new plan?
Can FFB Bancorp alter the stock repurchase plan?
